Ravenna- Roosevelt February 2011 Market Report

There were 5 closings of residential property in the Ravenna and Roosevelt neighborhoods of Seattle during February. And, I am not surprised. Last month end I reported that there were only 6 pending sales. I am much encouraged by the 19 pending sales on the books for the short month. The numbers are slightly skewed since I’ve combined Roosevelt and Ravenna for this report as well as keeping condos in with the single family units. Because of the light rail station now under construction in this neighborhood I expect to see growth beyond expectations.

Status

#

Low $

High $

Average

Median

Days on Market

Active

36

129,950

748,000

411,532

425,000

74

Pending Inspection

10

133,000

839,500

549,407

37

Under Contract

9

300,000

839,500

466,483

425,000

36

Sold

5

315,000

710,000

465,660

439,000

30

With 19 contracts compared to the 36 active listings we should see more sellers in this area take the plunge. There is a pent up demand by buyers who have been waiting for interest rates to bottom out.

For in-city Seattle north of the ship canal the statics include 57 closed sales in February, 143 pending sales and 344 active listings, for an Absorption rate of 6.0. All of these numbers are lower than last month.